[ET Net News Agency, 15 January 2021] Credit Suisse cut its target price for Ping An
Insurance (02318) to HK$116 from HK$119 and maintained its "outperform" rating.
The research house said NB (new business) sales declined by 51% in December-2020 on a
one-off high base, which was attributable to the timing difference of premium booking.
Stripping out the difference, Credit Suisse estimated NB sales would decrease by 30% in
December, still below its expectation.
With early and proactive preparations and strong execution, Ping An is estimated to has
achieved solid growth of "jumpstart" sales year-to-date. Credit Suisse believes that Ping
An is well on track to deliver a double-digit growth of VNB (value of new business) in 1Q
2021.
For 2021, Credit Suisse estimated low-teen VNB growth. Despite a rocky recovery path, it
continues to view Ping An as a quality laggard with healthier and better growth in 2021.
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02318 PING AN
Nominal 
41.900 +1.550 (+3.841%) Research Report
15/01/2021 14:08
{I-bank focus}Credit Suisse cuts Ping An (02318) to HK$116
| Remark: | Real time quote last updated: 25/09/2024 18:00 |
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